Front App 10Million Series-A Funding
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The process involved, Learning, the Pro's & Cons & Story behind the Deck here http://bit.ly/FrontAppDeck
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Front App 10Million Series-A Funding
- 1. FRONT All your company’s external communications in one collaborative inbox.
- 2. THE PROBLEM emails sent per day Email is the most important business communication channel But email is a tool designed for personal use 215 billion are business emails 54% year-on-year growth 7% not collaborative bad productivity error-prone
- 3. Rebuilding email, for business this time collaborative integrated unified Company > Team > User Share, assign, mention As transparent as can be Analytics 3rd party integrations Open API All email providers All channels e All teams A multichannel email client, where every conversation finds its way to the right people, and is accounted for in the right system. THE SOLUTION
- 4. good messaging experience business ready consumer bad messaging experience FRONT COMPETITIVE LANDSCAPE
- 5. Shared inboxes were the perfect wedge: small commitment, big pain, willingness to pay, lower expectations for MVP. 0 225 450 675 900 hello@,contact@ help@,support@operations@billing@,finance@ sales@ accounts@booking@,orders@careers@ bugs@,dev@ feedback@ press@ events@ partners@ m arketing@ others 808 77787983878994111106121125 202 521 624 Shared inboxes managed in Front WE HAVE A HEAD START
- 6. SELECT CUSTOMERS Front works for teams of all sizes, across many different industries.
- 7. Front has a great user experience! It is extremely efficient, reliable, and easy to navigate.“ Bellhops, 100 seats Wouldn’t go back to Gmail if you paid me. “ Baroo, 20 seats A wonderfully useful tool that has saved us time and energy. If an opportunity arises to recommend Front to other teams, even outside of MailChimp, it's always top of mind.“ MailChimp, 4 different teams I’m in love with Front! “Guillermo Rauch, this week-end CUSTOMERS ARE VERY SATISFIED
- 8. 0 250 500 750 1000 $0 $30,000 $60,000 $90,000 $120,000 6/1/2014 9/1/2014 12/1/2014 3/1/2015 6/1/2015 9/1/2015 12/1/2015 3/1/2016 COMPANIES MRR MRR grew 5.4 times in the past 12 months. CONSISTENT ORGANIC GROWTH
- 9. -20% -15% -10% -5% 0% 5% 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 USER CHURN MRR CHURN ~3% monthly user churn, negative net MRR churn. NET MRR CHURN LOW CHURN
- 10. OUR FOCUS TO DATE
- 11. Fast iteration: frontapp.com/roadmap No complex product lines: we only sell licences to use our only product THE PRODUCT COMES FIRST We’re our first users 60% of payroll = Engineering Support agents = 0
- 12. 3 acquisition channels organic growth sales marketing 70% of 2015 leads Customer word-of-mouth Leader on “shared inbox” 40 qualified demos / month / SDR 28% post-demo conversion $36k ARR added / month / AE ✓ Content playbook ✓ Co-marketing playbook ✓ Paid acq. unit economics We’ve identified repeatable strategies to acquire new customers. We will iterate on those and double down on the winners. ACQUISITION CHANNELS
- 13. Stripe error Big customer shut down 150% annual expansion: the “land & expand” strategy works. Percentage of MRR retained relative to starting month WE LAND AND EXPAND
- 14. WE’VE BEEN CAPITAL EFFICIENT $1.3m $1.8m $90k 5 months Spent in 18 months to reach $1.4m in ARR Left from last seed round Monthly burn To be profitable
- 15. RAISING $10M SERIES A TO ACCELERATE GROWTH
- 16. 1st sales @ and Cailen D’Sa Head of Sales Greg Walder Head of Customer Success Former head of upsells @ Unfair access to pool of excellent French engineers Mathilde Collin CEO, co-founder Laurent Perrin CTO, co-founder THE RIGHT MIX OF PASSION AND EXPERIENCE
- 17. Today Q2 Q3 Q4 Q1 Q2 Q3 New Platforms New Integrations New Channels Entreprise Ready Android iPad New iOS Messenger WeChat Whatsapp Exchange Dropbox Google Drive Box HubSpot Base Zoho BOTS Teams SLAsSSO Mailchimp Magento ConstantContact Kissmetrics Mixpanel Segment Native Mac App Custom Rights Light Users Advanced Reporting Other email providers THE PRODUCT ROADMAP IS CLEAR NetSuite Marketo Etc.
- 18. PROJECTIONS 2016 2017 ARR Headcount $3m 39 $10m 53 $0k $250k $500k $750k $1000k 5/1/2016 8/1/2016 11/1/2016 2/1/2017 5/1/2017 8/1/2017 11/1/2017 Payroll (eng.) Payroll (non-eng.) Selling & Marketing Other $0k $250k $500k $750k $1000k 5/1/2016 8/1/2016 11/1/2016 2/1/2017 5/1/2017 8/1/2017 11/1/2017 Expenses MRR Revenues
- 19. Committed: Stewart Butterfield Eoghan McCabe Led by Softtech VC Angel investments from: Paul Buchheit Elad Gil & 32 more Series Seed $3.1M Series A $10M Sept. 2014 now FUNDING
- 20. We’re going after the bigger opportunity. Front will own the external communications space. Slack proved that businesses are ready to buy good communication tools. They’re going after the internal communications market. THE OPPORTUNITY
- 21. THANKS